GOLD → Retest 2010. The price is getting ready for something

6 apr 2023

Gold is moving into a consolidation phase between 2025 and 2010 after a strong rally. A false break of the support has a positive effect on the price. What to expect from the metal next?

The gold is near the support area of the uptrend channel, and the target is potentially a resistance area.
The trend is bullish and therefore we have a positive momentum for buying.
A break-up of the resistance at 2025 and the price consolidation above that level will allow the gold to continue strengthening towards 2050 and 2070.

Strong support: 2010 (false-break-down strategy), 2000
Strong resistance: 2025 (break-down strategy), 2050 and 2070
In the medium term I expect continuation of price growth. The key level for transaction opening can be 2010 or 2025, everything depends on your skills in trading different strategies.
The short-term goal is to break through 2025 and rise to 2040. Medium term target is 2050 and 2070.

Regards R. Linda!

7 apr 2023

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